Developers 1inch will run Mooniswap and Pathfinder algorithms on the NEAR blockchain.

The 1inch decentralized exchange liquidity aggregator has entered into a partnership with the NEAR project. The agreement calls for the deployment of Mooniswap automatic market maker (AMM) algorithms in this network in 2021 and the search for the best swap opportunities for Pathfinder tokens. This was reported to ForkLog by 1inch representatives.

Mooniswap liquidity pools in the NEAR and Ethereum networks will be independent of each other. Users will be able to use the NEAR Rainbow Bridge to transfer Ethereum tokens to the new blockhouse.

NEAR is a Proof-Of-Stake-based smart contract platform. The system uses an innovative consensus mechanism called Nightshade with the implementation of sharding, through which there are no limits on network bandwidth in theory. The NEAR protocol has a single environment common to all decentralised applications, similar to the current Bitcoin Up architecture.

„The existing NEAR scaling technology will allow the team to experiment with sharding and be ready for Ethereum 2.0,“ said co-founder and CEO of 1inch Sergei Kunz in a press release.

Mooniswap has reduced its profit margins for arbitrators by introducing a five-minute time delay in pricing. Thanks to this approach, the market maker forces them to make transactions at less favourable prices. This adds value to liquidity providers. The arbitrators receive only part of the slippage, while the other part is redirected to the general pool of liquidity providers.

In 1inch, they believe that Mooniswap brings liquidity providers 50-200% more revenue than Uniswap v2.

Messari analysts have suggested that 2021 will be the year of the „platform war“ due to the emergence of DeFi eco-systems in blockades competing with Ethereum.

The launch of the main network NEAR Protocol took place in October 2020.

Earlier Vitaly Buterin, the creator of the second most capitalised crypt currency, expressed his fears that NEAR could pose a serious threat to his creation.

The launch of Ethereum 2.0 will take place on 1 December. By 24 November, users had contributed the required 524,288 ETH to the deposit contract.

Coinbase Temporarily Shut Down (Again) Due to XRP Rise

On November 24, the price of XRP jumped to over $ 0.90, before falling rapidly by about 30%.

This course was only seen on Coinbase and as a result of the madness its website temporarily went down.

XRP is benefiting from an extended price rally, but still falls short of its previous all-time highs

The price of Ripple’s XRP token, currently the third-largest cryptocurrency in the world by market cap, climbed to $ 0.90 today, only to fall rapidly by 30%.

This was apparently motivated by Bitcoin Code users as the price of XRP has not reached the same levels on other exchanges. Bitfinex, Bitstamp, and Kraken, for example, recorded numbers as low as $ 0.80 during the same period.

In light of this, some believe the market has reached a stage in the bull run where prices are starting to diverge on different exchanges – a phenomenon that can often be attributed to liquidity issues.

Shortly after the peak and the mini-crash that followed, “Coinbase” started trending on Twitter in the United States. As in the past, the surge in activity appears to have crushed Coinbase’s website.

This is not without precedent and seems to have happened again despite CEO Brian Armstrong’s statements about the preparation. “We are working hard to add additional capacity (both at the server and customer support level) to cope with the increased traffic,” he tweeted on November 18.

Target previous summits

As previously reported by BeInCrypto, XRP had a historically good week, climbing 100% in seven days, including a 40% increase from $ 0.32 to $ 0.45 in just 24 hours between November 21 and 22. .

According to Forbes , the latest rally was primarily driven by the news that the company behind XRP, Ripple, which owns around 60% of the tokens, said it was looking to capitalize on a central bank rush to digitize its currencies. .

Despite its current rise, XRP is still down around 80% from its 2018 high.

DeFi are here to stay, despite signs of bubble,‘ says Binance CEO

Cryptomoints like Bitcoin are the best form of money, says Binance’s CEO.

DeFi are here to stay, despite signs of a bubble,‘ says BinanceNOTÍCIAS CEO
Changpeng Zhao, the CEO of the world’s largest crypto exchange, Binance, said decentralised finance is here to stay, although many DeFi projects show signs of being in a bubble.

Binance offers cashback to Brazilian clients who deposit in reais on the platform
In a November 17 interview with the Russian news agency RBC, Zhao argued that „many DeFi projects are already in a bubble, and I also believe there are some signs of a bubble in the DeFi industry, but that does not mean that DeFi will eventually disappear completely. ”

Zhao went on to say that the DeFi industry has much potential Bitcoin Profit for growth, noting that DeFi still remains popular amid a continued boom in Bitcoin (BTC). He also stressed that initial currency offerings, or ICOs, were called bubbles in 2017, but a number of projects born in ICOs – including Binance – are still going very well:

„Companies create new tokens and issue them as rewards. This is not a long story. But I think DeFi is here to stay. Even now, with Bitcoin’s popularity growing again, DeFi is still popular. We think there is a great potential for growth in DeFi. ”

CZ: Binance translators to find ’smart‘ ways to bypass US blockade
However, Zhao said that some DeFi projects „may not last long,“ although the industry provides a number of incentives through DeFi income and liquidity farms.

Zhao also said that cryptomoedas like Bitcoin are the best form of money, defining it as „freedom money for millions of people around the world. The CEO predicted that the market for cryptomorphs has the potential to grow by as much as 100,000%, as digital assets are supposed to become more widely adopted than the decree.

Binance launches Ethereum mining pool at 0.5% rates
While he sees a future for DeFi, Zhao has highlighted obstacles for the industry to achieve mass appeal. In August, he said centralized exchanges will remain popular until decentralized exchanges become easier to use.

La revolución del CBDC llegará en tres años, dice el pesimista de Bitcoin Roubini.

La palabra „cripto-moneda“ es un nombre equivocado porque no es una moneda, según Roubini.

Nouriel Roubini, economista galardonado y conocido escéptico de Bitcoin (BTC), confía en que las monedas digitales de los bancos centrales, o CBDC, son el futuro del dinero.

De acuerdo con Roubini, los CBDCs globales como el yuan digital son capaces de reemplazar los principales servicios financieros y las criptodivisas en un futuro próximo. „Van a estar desplazando a los sistemas de pago digital, o en el sector privado, empezando con las criptodivisas que no son realmente monedas“, dijo el economista en una entrevista el 7 de noviembre con Yahoo Finance.

Roubini predijo que una „revolución“ impulsada por el CBDC llegará tan pronto como en tres años:

„Así que no sólo no necesitas la criptografía, ni siquiera necesitas a Venmo. Ni siquiera necesitas una cuenta bancaria. Ni siquiera necesitas el cheque. Y la gran revolución que veremos en los próximos tres años serán las monedas digitales del banco central“.

Además, el mundialmente conocido economista confía en que la criptodivisa en sí misma es un „nombre equivocado“, porque una moneda necesita proporcionar una unidad de cuenta. „Nada tiene precio en Bitcoin o en cualquier otra criptodivisa“, argumentó Roubini, afirmando que la criptodivisión no proporciona ni un „numerador único“, ni un „medio de pago escalable“.

Sin embargo, Roubini sí admitió que Bitcoin podía servir como almacén de valor, que es una función importante del dinero junto con una unidad de cuenta y un medio de intercambio:

„Es quizás un almacén parcial de valor, porque, a diferencia de otros miles de lo que yo llamo shitcoins, no puede ser tan fácilmente degradado porque hay al menos un algoritmo que decide cuánto aumenta el suministro de Bitcoin con el tiempo, porque para la mayoría de esos otros, literalmente, se hace ad hoc, y se están degradando más rápido que lo que hace la Reserva Federal“.

Roubini también ha criticado las finanzas descentralizadas, una de las principales tendencias del mercado criptográfico en 2020. „El DeFi fue vaporoso desde su inicio“, argumentó el economista a fines de septiembre de 2020, agregando que la industria está „totalmente vacilante ya que la cadena de bloques siempre fue la tecnología más sobrevalorada de la historia de la humanidad“.

Kraken’s Position on the Likely Hard Fork of Bitcoin Cash

Kraken is the latest cryptocurrency exchange to disclose its position on the potential division of the Bitcoin Cash chain.

The exchange says it supports Bitcoin Cash Node in the event of a split.

If Bitcoin Cash ABC attracts more than 10% of the hashing power, Kraken will credit users with newly created coins.

The main cryptocurrency exchange Kraken will support The News Spy if a split in the BCH chain occurs this month. The trading platform will only credit users with Bitcoin Cash ABC if it manages to attract noticeable hashing power after the introduction of a controversial network upgrade on November 15.

Exchanges and other cryptocurrency companies continue to reveal their own positions in the face of any upcoming chain split. So far, the responses have been varied.

Another hard fork?

The cryptocurrency industry increasingly expects a new division of the Bitcoin Cash chain later this month. A controversial and apparently marginally supported network upgrade threatens to create two versions of Bitcoin Cash. Those responsible for the change plan to implement it on November 15.

The upgrade is focused on the issue of developer funding. Some community members support an 8% developer payout taken directly from bulk rewards.

Meanwhile, others disagree, arguing that bulk rewards shouldn’t fund developers. Those in favor of a hard fork to bring in an integrated development fund form the Bitcoin Cash ABC camp. Meanwhile, opponents support the implementation known as the Bitcoin Cash Node.

Assistance Kraken

Kraken is the latest exchange to announce its position on the issue. The cryptocurrency trading platform, which recently became the first to boast a banking license, said in a blog post that it will support Bitcoin Cash Node regardless of the outcome of the hard fork.

The exchange says it will refer to Bitcoin Cash Node as “Bitcoin Cash”. It will also continue to use the symbol “ BCH ” for the implementation of the non-developer fund. It justifies its position by referencing 70% of network signaling support for Bitcoin Cash Node versus less than 1% for Bitcoin Cash ABC.

Kraken will only support Bitcoin Cash ABC if it attracts at least 10% of the total hashing power of Bitcoin Cash Node. He adds that it may not support full Bitcoin Cash ABC trading.

If the new version attracts enough hashing power, the exchange will credit users holding BCH at the time of the split of an equal number of Bitcoin Cash ABC. However, Kraken’s support may be limited to only allowing withdrawal of funds.

If he takes over the implementation of the development fund, he will do so under the symbol “BAB”, referring to the asset as “Bitcoin Cash ABC”. The exchange recommends that these Bitcoin Cash margin traders close their positions before the fork.

Un Bitcoin da $13.500 sembra inevitabile come Fixes prezzo „Overbought“ preoccupazioni

Una combinazione di catalizzatori fondamentali e tecnici di supporto puntano verso un’estesa corsa dei tori Bitcoin.

Il tasso di cambio BTC/USD ha dato il via alla nuova settimana in territorio positivo su segnali di adozione istituzionale, minore sentimento di vendita, e l’incertezza del mercato globale per il secondo aiuto fiscale del coronavirus e le elezioni presidenziali del 3 novembre.

La coppia è salita dello 0,87 percento in anticipo sulla campana di apertura di New York lunedì, scambiata a 13.158 dollari. Ha continuato a mantenere i guadagni della scorsa settimana sulle notizie di PayPal, che si è introdotto nello spazio di cripto-valuta.

La decisione della società fintech di consentire ai propri utenti di memorizzare e spendere Bitcoin ha fatto crescere la domanda del bene nel mercato al dettaglio. Di conseguenza, ha registrato la chiusura settimanale più alta dal 2018, chiudendo più del 13% in più.

Boom della metrica in linea

Prima di PayPal, Bitcoin era entrato a far parte del portafoglio di molti istituti di gestione patrimoniale e di istituzioni autonome.

Anthony Pompliano, in una recente nota alla sua clientela di Morgan Creek Digital, ha contato StoneRidge, MicroStrategy, Square, e l’investitore miliardario Paul Tudor Jones per la loro recente esposizione nel mercato Bitcoin. Egli ha inoltre dichiarato che l’adozione del cripto al suo ritmo attuale potrebbe spingere il suo prezzo verso l’alto verso un minimo di 100.000 dollari nei prossimi quindici mesi.

Anche altri analisti hanno presentato il loro rispettivo caso di toro per il Bitcoin, un sentimento che in seguito ha iniziato a riflettere sulla catena di blocco della crittovaluta.

Gli analisti dei dati di Glassnode hanno scoperto che gli indirizzi Bitcoin che contengono saldi di almeno 1.000 BTC hanno raggiunto il massimo storico lunedì. Questo ha mostrato un accumulo alla fine di „balene“, anche se possono anche includere portafogli di scambi e altri tipi di società di custodia Bitcoin.

Nel frattempo, un altro dato che mostra che il 98% dei Bitcoin non spesi ora rimane in uno stato di profitto ha aumentato ulteriormente le possibilità degli investitori di non vendere ma di detenere/accumulare più quote di BTC.

Bitcoin a 13,5 mila dollari e oltre?

Ciò che ha ulteriormente rafforzato i fondamenti del Bitcoin è la prospettiva del rilascio di almeno 2.000 miliardi di dollari in aiuti coronavirus dopo le elezioni presidenziali del 3 novembre.

L’enorme liquidità lascia dietro di sé una scia di attività sottoperformanti. In primo luogo, uno stato di eccesso di offerta riduce il valore del dollaro USA. In secondo luogo, l’uso della liquidità nell’acquisto di titoli di Stato e di obbligazioni societarie ne sovvenziona i rendimenti, rendendoli così poco appetibili per gli investitori a lungo termine. E terzo, aumenta la possibilità di un aumento dell’inflazione.

Tutte e tre le narrazioni tendono ad avvantaggiare Bitcoin, come credono i cultori della crittografia. Anche quest’anno il rally dei prezzi del 200 per cento della cripto-valuta è arrivato sulle spalle degli stessi fondamentali.

Questo porta a tecniche ancora più forti, come mostra il grafico qui sotto.

BTC/USD si sta ora consolidando lateralmente, con un RSI neutro, in quelli che sembrano essere due canali diversi. Il primo è un Pennant – un piccolo triangolo simmetrico che inizia più largo ma converge man mano che il modello matura. La struttura riesce ad avere una tendenza al rialzo – un pennone la cui altezza è di quasi 1.800 dollari.

In caso di rottura, quindi, Bitcoin potrebbe salire di ben 1.800 dollari. Questo pone idealmente l’obiettivo di prezzo della criptovaluta intorno ai 15.000 dollari.

Tuttavia, il secondo canale appare più vincolato ai tori. Definito come canale ascendente, la struttura inizia quando il prezzo forma una sequenza di alti e bassi più alti in mezzo a due linee di tendenza parallele. Un’evasione dal Pennant potrebbe trasformarsi artificialmente in una resistenza di fronte alla linea di tendenza superiore del canale ascendente.

Si tratta di quasi 13.500 dollari.

Pertanto, Bitcoin ha tutte le possibilità di colpire $13,5K nelle prossime sessioni, ma il suo obiettivo al rialzo rimane vicino ai $15.000, dati i fondamentali di supporto del mercato.

Iran’s central bank soon to be a bitcoin whale?

The Iranian leadership will in future allow international payment transactions with Bitcoin in order to circumvent sanctions. The central bank should also soon have a good amount of BTC on its books.

Money is a weapon and the US is masters of it. Since the United States of America de facto excluded Iran from international payments, the Islamic Republic has been doing worse and worse.

We remind us:

In November 2018, the payment messaging network SWIFT took Iranian banks offline at the instigation of the USA . Since then, imports and exports have hardly been possible, as they can only be paid for with great difficulty. The move was very successful as an economic sanction against Iran; In the end, political interests can be implemented quite effectively through the financial channels.

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The Bitcoin community sensed a scandal back then. Ultimately, the US sanctioned the Iranian people, who suffer from such sanctions. Bitcoiners meanwhile stand for the neutrality of money. Money should work, do its job, but not satisfy political conduct like that of the United States.

Bitcoin: a neutral, monetary medium

Cryptocurrencies like Bitcoin are exactly that. A neutral, monetary medium that is not subject to any institution except its users. The leadership of crisis-ridden Iran seems to have understood this fact. There is no other explanation for the fact that both the government and the central bank of the Near Eastern state have passed a bill that allows traders to use Bitcoin to import goods.

Because like Iran Daily reports, „The government changed its regulations on cryptocurrencies to allow them to be used to finance imports.“ Specifically, this means that the central bank acts as a kind of middleman who passes on mined BTC to importers. They can then use the coins to reward trading partners outside the country’s borders.

The move is a bang and has generated a corresponding response in the community. Finally, the message implies that the monetary authorities of the Islamic Republic will soon have BTC on their balance sheets.

BTC acceptance and game theory

This is exactly the scenario that game theory suggests. On the global plaything, there are states whose sovereignty is threatened by Bitcoin – such as the USA as the issuer of the world reserve currency – and those that benefit from the acceptance of the cryptocurrency. Especially when it happens before anyone else. The latter include marginalized countries like Iran. From the point of view of the decision-makers, it is therefore all too understandable why such a decision was made.

The relationship between BTC and Iran has so far been characterized by mistrust. After it became known that Bitcoin miners were converting subsidized electricity into satoshis, the authorities shut down several crypto mines. Mining has been legal since July 2019 . However, the regulatory environment is still uncertain. However, the industry could certainly pick up speed with the latest developments. With the central bank, miners have at least one buyer for mined coins who does not lack liquidity.

El ex-ejecutivo de Goldman Sachs: ‚Enorme muro de dinero‘ llega a Bitcoin

El antiguo gestor de macrofondos de cobertura Raoul Pal, que cree que Bitcoin es „una reserva y un activo colateral de valor incalculable“, dijo que debido a la creciente adopción institucional de Bitcoin está considerando vender su oro para comprar más Bitcoin.

Antes de fundar el servicio de investigación de estrategias de inversión y macroeconomía GMI en 2005, Pal codirigió el GLG Global Macro Fund en Londres para la empresa de gestión de activos globales GLG Partners (que ahora se llama „Man GLG“). Antes de eso, Pal trabajó en Goldman Sachs, donde codirigió el negocio de ventas de fondos de cobertura europeos en Acciones y Derivados de Acciones.

Además, en la actualidad, Pal es el director general del canal de vídeo financiero y empresarial Real Vision, que cofundó en 2014.

En la edición de abril de 2020 del boletín de GMI, Pal explicó por qué cree que Bitcoin, al que llama „el futuro“, podría tener una valoración de 10 billones de dólares en el futuro.

En ese número, Pal dijo que la idea de una valoración de 10 billones de dólares para Bitcoin Billionaire no es tan descabellada:

„Después de todo, no es sólo una moneda o incluso un almacén de valor. Es todo un sistema financiero y contable seguro, verificado y de confianza, de valor digital que nunca puede ser creado fuera del algoritmo criptográfico…

„Es nada menos que el futuro de todo nuestro sistema de intercambio, y del propio dinero y la plataforma en la que opera.“

Los últimos comentarios de Pal sobre Bitcoin durante una entrevista con Daniela Cambone, editora general y presentadora de Stansberry Research, „un editor de información financiera y software por suscripción“.

Pal comenzó diciendo que actualmente estamos pasando a la fase de insolvencia de su tesis de tres fases para Bitcoin:

„Empiezo a ver que la narración recoge que la economía no se va a recuperar por mucho más tiempo del que esperamos, no hay ningún estímulo alrededor, y tenemos más problemas que vendrán en Europa, los EE.UU., y en otros lugares, y las empresas no tienen suficiente flujo de caja. Están cerrando en masa, y eso es lo que yo llamo la fase de insolvencia“.

A continuación, explicó por qué Bitcoin tiene una asignación del 50% en su cartera de inversiones personales:

„Esa ha sido una narración continua. He estado involucrado en Bitcoin desde 2012. Ha sido una narrativa continua que al principio de esto sabía que la única respuesta sería recortar todas las tasas de interés a cero y probablemente un estímulo negativo y masivo más allá de cualquier cosa que hayamos visto antes.

„Así que la primera fase en la que quiero estar involucrado en Bitcoin. Así que compré la venta, añadí a mis posiciones, y ahora estoy empezando a ver el barco hacia las insolvencias y la única respuesta es más de los bancos centrales.

„Así que, por eso empecé a comprar más y más Bitcoin. Técnicamente, la configuración es correcta. Obviamente, tuvimos la reducción a la mitad, y sólo la fase de adopción – lo que está pasando con las instituciones – es como el momento perfecto…

„Probablemente esté por encima del 50% ahora. De verdad, he reducido el dinero, lo he puesto en Bitcoin. Mis posiciones comerciales son relativamente pequeñas porque no creo que haya tantas oportunidades como en Bitcoin. Así que, en realidad, principalmente un poco de efectivo, algo de oro y Bitcoin, e incluso estoy jugando con la idea de vender mi oro para comprar más Bitcoin“.

Más tarde en la entrevista, Pal dijo que le parecía interesante la idea de que „la gente adopte una unidad monetaria diferente para sus ahorros y activos de reserva“.

Luego habló de la creciente adopción institucional de Bitcoin:

„Todo tiene que venir en oleadas, ¿verdad? Comenzó con el comercio minorista. Ha empezado a moverse hacia los fondos de cobertura; aún no hemos llegado a eso. No se pueden preparar activos de Bitcoin en quiebra, pero eso está por venir.

„Estamos empezando a ver oficinas familiares en el espacio. Luego, están las instituciones – las dotaciones, los planes de pensiones – y dentro de eso, encontrarás algún gobierno – sería algo así como Nicaragua – alguien dirá de repente que hemos asignado el 5% a Bitcoin… que va a llegar y será otra gran historia, muy parecida a la historia de Michael Saylor… que saldrá de la nada…“

A continuación, Pal habló de su predicción del precio de Bitcoin de 1 millón de dólares en los próximos cinco años:

„Sí, creo que es correcto… por lo que sé de todas las instituciones, de toda la gente con la que hablo, hay un enorme muro de dinero entrando en esto.

„Es un enorme muro de dinero – sólo que las tuberías no están ahí para permitir que la gente lo haga todavía, y eso está por venir, pero está en la pantalla del radar de todo el mundo y hay un montón de gente inteligente trabajando en ello. Por lo tanto, creo que no será porque el mundo se esté colapsando, sino porque habrá una adopción por parte de los grandes grupos de capital“.

Spanien schlägt neuen Gesetzentwurf vor

Spanien schlägt neuen Gesetzentwurf vor, der Benutzer von Krypto-Währungen zur Offenlegung ihrer Bestände verpflichtet

Die spanische Regierung hat an diesem Dienstag den neuen Gesetzesentwurf zur Prävention und Bekämpfung von Steuerbetrug verabschiedet. Obwohl sich der Gesetzentwurf auf den allgemeinen Steuerbetrug konzentriert, enthält er auch Kryptowährungen. Eine der ersten Maßnahmen des Gesetzentwurfs wird die Begrenzung der Barzahlungen auf nur 1.000 Euro statt der üblichen 2.500 Euro sein.

Diese Grenze wird nur für Geschäftsleute und Freiberufler gelten, für kleine Haushalte bleibt die Grenze bei 2.500 Euro.

Was die Kryptowährungen betrifft, so sieht der Gesetzesentwurf vor, dass es eine größere Kontrolle mittels Bitcoin Future über Vermögenswerte geben muss. Finanzministerin Maria Jesus Montero erklärte: „Von nun an wissen die Bürgerinnen und Bürger, dass der Staat nicht kapitulieren und keine Abkürzungen in seinem Kampf gegen Steuerbetrug suchen wird“.

„Auf diese Weise werden Informationen über die Guthaben und Inhaber der verwahrten Münzen benötigt. Darüber hinaus wird die Informationspflicht über die Vorgänge des Erwerbs, der Übertragung, des Austauschs, des Transfers, der Einziehung und der Zahlungen mit Kryptowährungen eingeführt. Die Meldepflicht wird auch in der Form 720 der Erklärungen von Vermögenswerten und Rechten im Ausland über den Besitz von virtuellen Währungen im Ausland eingeführt“.

Das neue Gesetz wird eine Änderung des Gesetzes 7/2012 erforderlich machen, das eingeführt wurde, um die Bürger zur Meldung von im Ausland befindlichen Vermögenswerten und Rechten zu zwingen.

Die Bekämpfung von Steuerbetrug ist eine „absolute Priorität“, erklärte Montero

Das Gesetz bleibt vorerst als Entwurf bestehen, und es werden neue Arten und Formeln des Steuerbetrugs bekämpft werden.

Erst kürzlich hat die G7 erklärt, dass sie sich gegen die Einführung von Libra, der von Facebook geschaffenen Stablecoin, aussprechen wird. Zentralbanker und Finanzminister der Vereinigten Staaten, Kanadas, Japans, Deutschlands, Frankreichs, Italiens, Kanadas und Großbritanniens werden die Einführung von globalen Stablecoins durch Bitcoin Future, insbesondere der Waage, stoppen, bis alle Vorschriften in Kraft sind.

„Die G7 hält weiterhin daran fest, dass kein globales Stablecoin-Projekt den Betrieb aufnehmen sollte, solange es nicht den einschlägigen rechtlichen, regulatorischen und aufsichtsrechtlichen Anforderungen durch eine geeignete Gestaltung und durch die Einhaltung der geltenden Normen angemessen Rechnung trägt“ – so der Entwurf.

Bitcoin Lightning wallet Phoenix: the plus and minus points explained

Review – Phoenix is the second Bitcoin Lightning wallet of the French bitcoin company Acinq. Just like Blockstream and Lightning Labs, they have their own implementation of the Lightning network, namely Eclair. This was also the name of their first Lightning wallet.
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Bitcoin Lightning wallet Phoenix

Where Eclair focuses mainly on the experienced bitcoin users, Phoenix focuses mainly on beginners with little or no bitcoin experience. The fact that it’s a Lightning wallet doesn’t really matter.

As a user you want to have an easy to use wallet that can send and receive transactions quickly and cheaply. For example, the Phoenix wallet has only a limited number of settings that you can play with compared to Eclair.

Luckily you don’t have to run your own node anymore to use Lightning. Wallets such as Phoenix, BlueWallet and Breez have made the technology more accessible to the general public.

And just as with a number of other Lightning wallets, you no longer have to worry about managing your channels, taking backups or running the risk of your channels being abruptly closed by the other party.
Simple but effective

The wallet gives you only one balance. No more hassle with on-chain and off-chain balance totals. And although you don’t have a separate balance for on-chain transactions, you can still do them.

The conversion where you want to make an on-chain payment with your Lightning wallet, also called swap-out, is automatically done in the background in front of you.

For a small fee of 0.1% per transaction, this also works the other way around and you can receive on-chain payments. A swap-in is called this. The small fee has to cover the costs of opening a channel.

Also in taking backups there is no difference with traditional bitcoin wallets. This makes it more user friendly than for example Breez where the backup is stored in Google Drive and safer than for example Blue Walllet who still has access to your bitcoins (custodial).
Under the hood

The Phoenix wallet offers a number of smart features to keep the entry threshold to Lightning as low as possible. Some of these features are:

Pay-to-open: if you have just installed a Lightning wallet or if you have insufficient incoming liquidity you cannot receive payments yet. For this you first need to create a number of channels. Phoenix will take care of this for you. More details can be found here.
Spend-unconfirmed (aka. turbo channels): the concept of turbo channels has been known for a long time. Bitrefill was one of the first platforms to offer it. However, we haven’t seen it in wallets yet. This makes it possible to send bitcoins directly without waiting for a confirmation.
Peer backup: taking backups with Lightning is not that easy as it needs to be renewed with each new transaction. Phoenix came up with a handy solution where a backup of your seed (12 words) is sufficient.
Trampoline payments: Acinq calculates the quickest and cheapest way for your transaction over the Lightning network. As the network grows this becomes too complex for the memory of a smartphone. However, this means sharing certain transaction data with Acinq.
Swaps: Send and receive transactions seamlessly on-chain with a Lightning wallet.

User in control

It is always a matter of finding the right balance between user-friendliness on the one hand and security on the other hand. Acinq does not call the Phoenix wallet trustless, but trust-minized. Let there be no doubt about this.

The wallet is non-custodial so you as a user always remain in control of your bitcoins. Some compromises that have been made:

Phoenix only connects to the Acinq Lightning node: this makes you dependent on them for a limited number of actions, such as completing your wallet until the first confirmation is received and performing swaps.
Privacy: since all transactions are done through their node, they have visibility on both the amount and the final destination. Later versions will connect over TOR by default, providing more privacy.


Building a Lightning wallet involves a lot of challenges. With Phoenix Acinq wants to offer the same user-friendliness of a custodial wallet but still offer the same security as a full-fledged Lightning node.

Although the wallet is still in an early stage of development, they managed to bring a lot of technical aspects to the background.

As a user you just scan a QR-code and the wallet automatically does everything it’s supposed to do.